Page 34 - Latest Updates on Goods and Services Tax
Parliamentary panel asks govt to prevent misuse of GST input tax credit
Two years after its launch, the government has begun the review of GST, including a possible resetting of rates along with the slabs, the Standing Committee on Finance headed by Jayant Sinha said
 "Parliamentary panel asks govt to prevent misuse of GST input tax credit")
CGST collection missed budget estimate by 40% in April-Nov: Anurag Thakur
The actual CGST collection during April-November stood at Rs 3,28,365 crore while the budgeted estimate is of Rs 5,26,000 crore for these months
 "CGST collection missed budget estimate by 40% in April-Nov: Anurag Thakur")
Delhi HC issues notices to exporters over non-payment of IGST on imports
Under the GST regime, the exemption was not clearly mentioned till October 13, 2017. During the period, exporters were not allowed to clear their goods unless they pay IGST
 "Delhi HC issues notices to exporters over non-payment of IGST on imports")
States plan political battle over delayed allocation of GST compensation
States are planning to pass resolutions in their legislative assemblies; however, such tactics will be used as the last resort if the Centre continues to stall allocations
 "States plan political battle over delayed allocation of GST compensation")
Three dangerous myths
The errors and misapprehensions that led to constant optimism about Indian growth
 "Three dangerous myths")
Telangana CM urges Nirmala Sitharaman to release Rs 4,531 cr in GST dues
KCR says despite a higher tax devolution as per Union Budget 2019-20, the receipts by the state till November were actually lower than in the same period last year
 "Telangana CM urges Nirmala Sitharaman to release Rs 4,531 cr in GST dues")
GST Diwas held in 125 cities for feedback on new return filing system
About 7,500 trade associations/stakeholders participated in the programme, Central Board of Indirect Taxes and Customs (CBIC) said in a statement
Income tax rate cut among steps govt working on to revive growth: FM
Assuring that there will be no harassment of taxpayers, Sitharaman said the intent of the government is to further simplify taxation systems including removal of exemption.
 "Income tax rate cut among steps govt working on to revive growth: FM")
Govt will honour compact to give states their share of GST: Sitharaman
Sitharaman's statement comes after Kerala last week threatened to take the central government to Supreme Court over delay in the payment of compensation to states
 "Govt will honour compact to give states their share of GST: Sitharaman")
GST Stakeholder Feedback Diwas for new return filing system on Dec 8
These feedback sessions would be attended by all prominent chambers of commerce and industry and other organisations representing taxpayers and tax practitioners
 "GST Stakeholder Feedback Diwas for new return filing system on Dec 8")
Budget 2020: Pradhan hopes for signal on ATF, natural gas inclusion in GST
5 commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of GST's purview given the revenue dependence of state governments on these sectors
 "Budget 2020: Pradhan hopes for signal on ATF, natural gas inclusion in GST")
GST mop-up crosses Rs 1 trn in Nov over festive demand, anti-evasion steps
Although the collection figures come as a breather for the government, it is lower than the expected collection rate needed to meet the steep target for FY20
 "GST mop-up crosses Rs 1 trn in Nov over festive demand, anti-evasion steps")
GST collection up 6% in Nov, crosses Rs 1 trn after a gap of three months
The GST collection was Rs 95,380 crore in October while it was Rs 97,637 crore November 2018
 "GST collection up 6% in Nov, crosses Rs 1 trn after a gap of three months")
GST e-invoicing must for businesses with Rs 100-cr turnover from April 1
It will be voluntary for businesses with less than Rs 100-cr turnover; will help SMEs take instant loans
Centre planning to come up with lottery scheme for GST paying customers
Once the consensus at officers level is reached then it will be put before GST Council meeting
GST system redesign neither desirable nor feasible, say tax experts
Experts want the GST Council to prepare a detailed road map for the next two-three years to provide an environment of tax certainty for businesses
 "GST system redesign neither desirable nor feasible, say tax experts")
Finance commission chief Singh blasts frequent tinkering with GST rates
He also pitched for a rationalisation in Centrally- sponsored schemes, and blamed the government for not clearly defining the role of the Niti Aayog
Telcos' AGR dues to outweigh two-year breather for spectrum payment
Incumbent telcos Bharti Airtel and Vodafone Idea have said they would go for a review petition of the SC order, but they have limited time to move court
 "Telcos' AGR dues to outweigh two-year breather for spectrum payment")
The problem with investment scores
The various reports on investment climate of states do not match the ground reality
 "The problem with investment scores")
GST compensation delay: States considering legal action against Centre
Central govt official says will release funds before end of this month
 "GST compensation delay: States considering legal action against Centre")
